淡马锡中国区副总裁沈晔：可持续发展战略的五个关键变革杠杆

许多全球投资者和利益相关方将ESG标准作为决策过程中的优先事项。随着中国向双碳目标努力的过程中，ESG框架可以鼓励企业将ESG不仅作为合规的做法，更是一个可以驱动长期表现和发展的战略重点。

作为跨世代的投资者和资产所有者，我们将“以可持续发展为核心理念”视为淡马锡2030战略的关键支柱之一。在我们追求长期可持续回报，设计机构运营模式、塑造投资组合，以及推动企业建设可持续业务的过程中，都将这一核心理念融入进来。我们的目标是到2030年将投资组合的净碳排放总和减少到2010年排放水平的一半，力争到2050年实现净零排放。

通往净零的路不是直线可达的，真实世界脱碳具有很强的复杂性，需要各个行业的努力，还有很多的工作要做。COP28全球盘点报告强调，全球在2050年实现净零排放的努力明显不足。在此背景下，气候变化对投资组合韧性和商业可行性可能会产生长期影响。

我们深知必须采取紧迫且持续的行动，以应对气候危机、逆转自然生态损失，并推动建设更加包容和公平的社会。因此，我们制定了可持续发展战略，旨在塑造具有韧性和前瞻性的投资组合，实现长期可持续回报。作为可持续发展战略的一部分，我们优先考虑五个关键的变革杠杆：

1. 我们通过资本配置，推动能够帮助企业向更可持续未来转型的解决方案，并不断增加符合可持续生活趋势的投资。

2. 我们将ESG框架贯穿整个投资生命周期，系统性评估与可持续发展相关的风险和机遇。

3. 我们与投资组合中的企业合作，推动ESG价值创造，支持它们向更可持续的未来过渡。

4. 我们以身作则，践行可持续发展理念，培养倡导可持续发展的企业文化。

5. 我们寻求与志同道合的伙伴合作，推动可持续发展挑战的系统性改革。

我们相信可持续经济转型为我们带来了新的投资回报和积极影响的新机遇。我们预计会加大对符合可持续生活趋势的投资，重点关注那些通过产品和服务实现环境与社会目标的公司，以及那些受益于可持续发展的公司。

在中国，我们投资了比亚迪，在推动交通领域的脱碳化和减少全球碳排放方面发挥着关键作用。宁德时代，提供可靠且经济的清洁能源替代化石燃料。太阳能行业领先企业隆基，推动可持续清洁能源的转型。此外，领先的氢燃料电池企业上海捷氢科技（SHPT）正在推进氢能在交通、工业脱碳和可再生能源整合中的应用，进一步推动中国实现低碳经济的努力。

在全球范围内，我们投资了Ascend Element，可持续闭环电池材料解决方案的领先提供商，减少需要进行填埋的电池数量，并通过清洁的制造过程革新锂离子电池的生产过程。托普索（Topsoe），一家全球领先的催化剂和先进技术供应商，当前正在开发固体氧化物电解槽技术。这些电解槽在高温下运行，能够与多种下游工艺进行有效集成。通过这种集成，绿氢的利用效率得以提升，帮助替代炼油和钢铁生产中的灰氢，并应用于绿氨、甲醇等其他生产领域。

可持续发展是一段需要不断前行的征程，淡马锡对此也秉承坚定不移的承诺。我们参考了全球分类法和行业实践，并完善了专有的投资分类框架，以支持符合可持续生活趋势的项目。该框架旨在分辨出那些在产品和服务方面，推动实现净零、有助于自然环境、包容性增长愿景的可持续投资。

淡马锡已将ESG框架贯穿于整个投资流程，从投前的尽职调查到投后的持续参与。这使我们能够更好地管理重大风险，并推动投资组合中的企业提升ESG实践，以增强投资组合的韧性，并与我们的可持续发展目标保持一致。ESG框架以持续改进的理念为核心。ESG整合有助于我们识别可能影响公司业绩，并对环境、员工和整个社会产生影响的关键问题——无论是通过其提供的产品和服务，还是通过其在运营中采取的做法，均可适用。

我们的方法植根于广泛治理模式，根据该模式，我们要求投资组合公司的董事会和管理层对公司的行为负责，但不干涉其日常经营决策。我们通过行使股东权利，包括在股东大会上投票。此外，自2021年以来，淡马锡设定了每吨二氧化碳排放（tCO2e）42美元的初始内部碳价（ICP），以将碳成本纳入投资和运营决策，并进一步使我们的投资组合和业务与净零排放目标保持一致。此后，ICP在2022年增加至50美元/吨，在2024年进一步提高至65美元/吨，预计到2030年ICP可能达到100美元/吨。我们也将碳价整合到多种内部管理工具中，激励员工采取符合气候目标的决策和行动。

在投资过程中，为了进一步加强对行业相关社会因素投资尽职调查流程，我们推行了跨领域的社会基准期望目标框架，涵盖了劳动实践、多样性、公平与包容、人才管理、产品质量与安全、数据隐私与安全，以及供应链责任。我们也将自然相关的风险纳入投前尽职调查的重要组成部分，包括建立自然风险评估工具，扩展关注的范围，覆盖到对自然有重要依赖和影响的行业。

随着中国企业在全球范围内扩展业务，面临着国际社会的审视。许多全球投资者和利益相关方现在将环境、社会和公司治理（ESG）标准作为决策过程中的优先事项。采用ESG原则的企业通常在长期内展现更优异的财务表现，因为它们在应对经济冲击时更具韧性，并能有效降低环境、监管和声誉等方面的风险。相反，忽视ESG因素的企业可能会面临进入国际市场的障碍，或难以吸引外资。

在中国，经济增长正日益聚焦于可持续性和高质量发展。ESG框架提供了风险管理框架。通过整合ESG框架有助于降低环境风险，应对空气污染、水资源短缺和气候变化等环境挑战。同时，在社会和治理问题上，比如管理劳动力关系、企业道德、社会责任方面发挥重要作用。随着中国向双碳目标努力的过程中，ESG框架可以鼓励企业将ESG不仅作为一个合规的做法，更是一个可以驱动长期表现和发展的战略重点。

在中国，随着ESG相关的监管行动和力度加强，上海、深圳和北京证券交易所已要求上市公司进行ESG报告，中国的可持续发展报告与国际标准接轨。今年，我们发布了首份《可持续发展报告》，彰显了我们对透明度和问责制的承诺。通过整合披露信息和取得的成果，分享我们的可持续发展目标、实践和表现。在参考国际可持续准则理事会（ISSB）发布的披露要求的同时，我们致力于与利益相关方建立信任，并围绕相关议题展开有深度的对话。

综上，ESG的角色不仅是一个风险管理的工具，更是推动可持续发展和长期发展的推动力。作为企业和投资者，我们必须持续将ESG原则纳入公司战略中，共同应对系统挑战。我们一起携手，加快打造更可持续、更包容的未来，延延世代，欣欣向荣。

As a generational investor, “Sustainability at the Core” is a key pillar of our T2030 strategy. This anchors Temasek’s commitment to embed sustainability into everything we do – from our mandate to deliver sustainable returns over the long term, to our strategy of how we operate as an institution, shape our portfolio, and engage our portfolio companies to build sustainable businesses. We target to reduce the net carbon emissions attributable to our portfolio to half the 2010 levels by 2030, with an ambition to net zero by 2050.

The pathway to net zero is non-linear, reflecting the complexities of real-world decarbonisation, where progress varies across industries, and much more still needs to be done. As highlighted in the recent COP28 global stocktake report, current efforts to reach net zero are significantly off track. Against this backdrop, climate change is likely to have profound and lasting effects on the resilience and commercial viability of our investments.

At Temasek, we recognise the need for urgent action to address the climate crisis, reverse nature loss, and build a more inclusive society. Therefore, we have developed a sustainability strategy that supports our mandate to build a resilient and forward-looking portfolio that delivers sustainable returns over the long term. We prioritise five key levers for change as part of our sustainability strategy:

1. Investing in Sustainability: We actively invest in solutions that enable companies to transition towards a sustainable future, while continuously increasing our investments aligned with the Sustainable Living trend.

2. Evaluating Risks and Opportunities: By embedding an ESG framework throughout the investment lifecycle, we systematically assess sustainability-related risks and opportunities.

3. Engaging Portfolio Companies: We work closely with our portfolio companies to drive ESG value creation and support their transition towards more sustainable future.

4. Advancing Institutional Sustainability: We implement sustainable practices within our own operations and foster a corporate culture that embraces sustainability.

5. Collaborating for Progress: Partnering with like-minded stakeholders, we contribute to the systemic changes needed to address global sustainability challenges.

Investing with Tomorrow in Mind

At Temasek, we strongly believe that the shift towards a sustainable economy offers new investment opportunities that deliver both returns and positive impact. We expect to increase our investments aligned with Sustainable Living trends, whose products and services fulfil environmental and social objectives, as well as those poised to benefit from sustainability tailwinds.

For example, in China, we have invested in companies such as BYD, a leader in electric mobility whose electric vehicles and battery technology are critical for decarbonising the transportation sector and reducing carbon emissions. Our investment in CATL, a pioneer in battery innovation, supports the shift away from fossil fuels by advancing affordable and reliable clean energy storage solutions. This is essential to scale up the adoption of electric vehicles and integrating renewable energy. Similarly, LONGi, a global leader in solar technology, plays a key role in the sustainable energy transition by providing high-efficiency solar modules that help replace traditional fossil-fuel-based power generation, reducing industry-driven carbon footprint and promoting energy independence. Additionally, Shanghai Hydrogen Propulsion Technology (SHPT), a leading hydrogen fuel cell player, is advancing hydrogen adoption for transport, industrial decarbonisation, and renewable energy integration, further driving China’s efforts to achieve a low-carbon economy.

Globally, our investments include Ascend Elements, a company that is revolutionising the battery industry with its sustainable, closed-loop approach to battery materials. By enabling the recycling and reuse of lithium-ion cells, Ascend Elements not only reduces waste but also helps conserve resources and minimise the environmental impact of battery production. We have also backed Topsoe, whose green hydrogen technology, specifically Solid Oxide Electrolyzer Cells, supports the decarbonisation of hard-to-abate sectors such as steel manufacturing, refining, and the production of green ammonia and methanol.

As you can see, sustainability is an ongoing journey and a steadfast commitment for us. We have hence refined our classification framework for investments aligned with the Sustainable Living trend, referencing global taxonomies and industry standards. This framework identifies sustainability-focused investments in businesses with products and services that contribute positively towards our long-term vision of net zero, nature positive, and inclusive growth.

Integrating ESG into Investment Decisions

At Temasek, we integrate an ESG framework across our investment process, from pre-investment due diligence to post-investment engagement. This enables us to better manage material risks and engage our portfolio companies to advance ESG practices to strengthen portfolio resilience and alignment with our sustainability objectives. This ESG framework centres around the idea of continuous improvement. It helps us identify material issues that can affect the companies’ performance and impact the environment, the workforce and societies at large – be it through the products and services they offer or through the practices they apply in their operations.

Our approach is rooted in our broader governance model, where we hold boards and management accountable for their companies’ activities while exercising our shareholder rights. Additionally, we have set an Internal Carbon Price (ICP) since 2021, starting at US$42 per tonne of CO2 equivalent, and increased it to US$65 in 2024, with a view that the carbon price may reach US$100 per tCO2e by 2030. Our ICP serves various purposes. It not only informs our transition risk analysis, thereby strengthening portfolio resilience, but also helps us build a forward-looking portfolio in alignment with the global ambitions for net zero. Furthermore, our ICP has been incorporated into various internal management tools in an effort to align our institutional practices and encourage climate-aligned decisions and behaviour among our employees.

We have further strengthened our diligence process with the introduction of Social Baseline Expectations, covering include labour practices, diversity, equity, and inclusion, talent management, product quality and safety, data privacy and security, and supply chain responsibility. We are also advancing our pre-investment diligence on nature-related risks, including establishing a nature risk assessment tool and expanding our sector-specific guidance toolkits to manage material dependencies and impacts on nature.

China's ESG Evolution

As Chinese companies expand globally, they face increasing scrutiny from international investors who prioritise environmental, social and governance considerations. Companies that integrate the E, S and G into their operations often demonstrate better long-term financial performance – they are more resilient to economic shocks and less vulnerable to regulatory or reputational risks. Conversely, neglecting ESG considerations can limit access to international markets and foreign investment.

In China, ESG provides a vital risk management framework, addressing environmental challenges like air pollution, water scarcity, and climate change impacts. It also plays a crucial role in managing social and governance issues, such as labour relations and corporate ethics. With China aiming for peak carbon emissions by 2030 and carbon neutrality by 2060, ESG frameworks help businesses navigate regulatory changes and align with that nation’s climate goals. We encourage companies to view ESG not as a compliance exercise but as a strategic priority that can drive long-term performance and growth.

The regulatory momentum around ESG is growing in China. Stock exchanges in Shanghai, Shenzhen, and Beijing now mandate ESG reporting for listed companies, aligning local practices with international standards. This year, we launched our inaugural Sustainability Report, consolidating our disclosures and sharing our sustainability goals, practices and performance, while taking into consideration the disclosure requirements issued by the ISSB. This initiative aims to foster transparency, accountability, and meaningful engagement with stakeholders.

In conclusion, the role of ESG goes beyond being a risk management tool; it is an enabler of sustainable growth and long-term creation. As businesses and investors, we must continue to integrate ESG principles into our strategies, collaborate on systemic challenges. Together, we can accelerate the shift towards a more sustainable and inclusive future – so every generation prospers.